I had immediate neighbors in both locations that oversaw my homes when I was not there.I don't understand your requirement to live in California if you are considering other states.

This year it will cash flow at 1.1% because of early PMI drop + rent increase to market.

Putting polish on a t**d will not likely increase it's value.

Buy with hard money at an increased rate, refi with a traditional in 6mo to a year.

If they can't qualify with three, they sure as hell can't handle it with just two.When three or more unrelated people rent together, it is an increased risk.

Thank you to very much I will jump on it immediately ! 

I would be careful raising rents that high that quick, $100 may not seem like a lot however at the current rent it is almost 20% more. the property might need 4 new tenants if they cant afford a 20% instant price increase.

That way if the appraisal comes in low you have negotiation room but if it comes in high they can't increase the price.

You can get around that by filing a motion for immediate possession if it truly is vacant which will speed the process up. 

BTW, you most likely won't get more than a 5 to 7 year loan (5-7 year 'call') with a 20 year amortization in today's market, given that rates are changing (increasing).